New Zealand Dollar Objective at .7161

Published May 22nd, 2007 - 03:52 GMT
Al Bawaba
Al Bawaba

Kiwi is in the same position as the AUDUSD.  That is, a C wave lower appears to be unfolding from .7403.  We are bearish against .7403 and looking for a decline to where wave C would equal wave A at .7161. 



Potential short term support may come in from the 55 day SMA at .7230.  The most aggressive count has the Kiwi breaking below .7264 while .7316 remains intact.